Bankruptcy Articles

Changes to the Bankruptcy Act

The Federal Government is poised to introduce new sweeping changes and reform to the Bankruptcy Act. The changes reflect that debtors declare bankruptcy more as a result of “misfortune” than “misdeed”.

What You Need to Consider Before Filing for Bankruptcy

People who need to eliminate their debt or legally negotiate their payment plans go through the judicial process of filing for bankruptcy. It is an option taken by many people who no longer have means to repay their debts and solve their financial problems. Even though filing for bankruptcy may be the best option for some, you must understand that it involves a lot of negative implications. The fact that you have filed for one will appear on your credit rating for a certain number of years and most lenders will know that some of your previous debts were probably unpaid. For this reason, any type of credit may no longer be available to you in the future.